CMA Sri Lanka proposes mandatory cost accounting for 2027 budget
Summarised by AI from 1 article
The Institute of Certified Management Accountants of Sri Lanka has submitted budget proposals for the 2027 National Budget, recommending that cost accounting records be made mandatory under the Companies Act. The institute has issued 19 Cost Accounting Standards under Act No. 23 of 2009, with technical support from cost and management accountancy institutes in South Asia and Canada.
The proposals call for strict enforcement of cost accounting and compliance cost audits by qualified professionals, and for regulators such as the Public Utilities Commission, Consumer Affairs Authority, Excise, Inland Revenue, Customs, and the Export Development Board to accept these standards. The institute says that proper costing would protect consumers from paying for inefficiencies and unfair profit margins, and would improve efficiency, productivity, and performance across sectors. Similar standards are already regulated in India, Pakistan, and Bangladesh.
